Fifth Street Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Fifth Street Capital has acquired 1 company.

Fifth Street Capital’s most common sectors for investment are healthcare services (18%) and business services (7%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (38%) and secondary buyout (29%). In total, Fifth Street Capital has invested in 27 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2013 when it acquired Ikaria for $1.6B.

In the last 3 years, Fifth Street Capital has exited 13 companies. The Firm’s most common exit type is trade sale (45%). Fifth Street Capital’s largest (disclosed) exit occurred in 2015 when it sold Ikaria for $2.3B.

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M&A Summary

  • M&A Total Activity121
    • M&A Buy Activity74
    • M&A Sell Activity47
  • Total Sectors Invested 30
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 78

Fifth Street Capital LLC

,
(914) 286-6800
www.fifthstreetfinance.com
nmudloff@peppercom.com

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.


Investment Criteria

Sectors of Interest: Aerospace, Building Materials, Business Services, Chemicals, Consumer Products, Consumer Services, Defense, Distribution, Education, Energy Services and Equipment, Food, Furniture, Healthcare Services, Leisure, Machinery, Manufacturing, Marketing, Medical Products, Plastics, Restaurants, Retail, Safety/Security, Software, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 5 50
Investment Size - -
Enterprise Value - 150
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.2/yr) # 73 - - 1 - - 74
vol $3.1B $3.1B
Sell (3.8/yr) # 28 6 2 7 4 - 47
vol $5.1B $5.1B
  121

Most Recent M&A

Company Date Value Type
ProSites, Inc. 2019-10-29 - Secondary Buyout
Temecula, California · www.prosites.com
CPS Group Holdings, Inc. 2019-03-27 - Secondary Buyout
Memphis, Tennessee · www.cpspharm.com
Fitness Connection 2019-02-04 - Secondary Buyout
McLean, Virginia · www.fitnessconnectionusa.com.
HealthDrive Corp. 2019-01-03 - Secondary Buyout
Wellesley, Massachusetts · www.healthdrive.com
InMotion Entertainment Group LLC 2018-10-30 - Add-on Acquisition
Jacksonville, Florida · www.inmotionstores.com
OnCourse Learning Corp. 2018-09-17 - Add-on Acquisition
Waukesha, Wisconsin · www.oncourselearning.com
Discovery Practice Management, Inc. 2018-06-15 - Merger
Los Alamitos, California · www.centerfordiscovery.com
Traffic Solutions Corp. 2018-05-17 - Secondary Buyout
Newport Beach, California · www.trafficcontrolandsafety.com
Teaching Strategies LLC 2018-05-15 - Secondary Buyout
Bethesda, Maryland · www.teachingstrategies.com
Home Brands Group LLC 2018-04-04 - Recapitalization
Phoenix, Arizona · www.rebath.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
BayMark Health Services 2015-10-15 SpecialCare Hospital Management Corp. 2018-11-02 6
Lewisville, Texas · www.baymark.com Saint Charles, Missouri · www.specialcarecorp.com
BayMark Health Services 2015-10-15 Canadian Addiction Treatment Centers 2018-03-05 5
Lewisville, Texas · www.baymark.com Markham, Ontario · www.canatc.ca
Securus Technologies, Inc. 2013-04-02 Government Payment Service, Inc. 2018-01-04 6
Dallas, Texas · www.securustech.net Indianapolis, Indiana · www.govpaynet.com
Vention Medical, Inc. 2008-05-01 Vention Medical, Inc. - Advanced Technologies Business 2017-02-20 3
Salem, New Hampshire · www.ventionmedical.com Salem, New Hampshire
Vention Medical, Inc. 2008-05-01 Vention Medical, Inc. - Device Manufacturing Business 2017-02-20 2
Salem, New Hampshire · www.ventionmedical.com Salem, New Hampshire
Express Integrated Technologies LLC 2010-07-30 Express Integrated Technologies LLC - Liquidated Intellectual Property Assets 2017-02-07 1
Tulsa, Oklahoma · www.expresstechtulsa.com Tulsa, Oklahoma
Vention Medical, Inc. 2008-05-01 Lithotech Medical, Inc. 2017-01-24 4
Salem, New Hampshire · www.ventionmedical.com Tel Aviv, Israel · www.lithotechgroup.com
BayMark Health Services 2015-10-15 The Coleman Institute 2017-01-23 4
Lewisville, Texas · www.baymark.com Richmond, Virginia · www.thecolemaninstitute.com
BayMark Health Services 2015-10-15 AppleGate Recovery 2017-01-16 3
Lewisville, Texas · www.baymark.com Bossier City, Louisiana · www.applegaterecovery.com
Securus Technologies, Inc. 2013-04-02 PHD Medical, Inc. - Corrections Telemedicine Assets 2016-12-01 5
Dallas, Texas · www.securustech.net , Quebec

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 5 (19%) - 13 (18%) -
Medical Products 1 (4%) - 5 (7%) 400M (13%)
Business Services 4 (15%) - 5 (7%) -
Information Technology 1 (4%) - 4 (5%) 628M (20%)
Consumer Products 3 (12%) 135M (88%) 4 (5%) 135M (4%)
Education 2 (8%) - 4 (5%) -
Food 1 (4%) - 3 (4%) -
Manufacturing 2 (8%) - 3 (4%) -
Retail 1 (4%) - 3 (4%) -
Building Materials 2 (8%) 19M (12%) 2 (3%) 19M (1%)
Consumer Services - - 2 (3%) -
Insurance 1 (4%) - 2 (3%) -
Internet Software and Services 1 (4%) - 2 (3%) -
Marketing - - 2 (3%) -
Restaurants - - 2 (3%) -
Safety/Security - - 2 (3%) -
Software - - 2 (3%) -
Transportation - - 2 (3%) -
Life Science - - 1 (1%) 1.6B (51%)
Automotive - - 1 (1%) 360M (11%)
Chemicals - - 1 (1%) -
Communications 1 (4%) - 1 (1%) -
Digital Media - - 1 (1%) -
Financial Services 1 (4%) - 1 (1%) -
Leisure - - 1 (1%) -
Machinery - - 1 (1%) -
Media - - 1 (1%) -
Plastics - - 1 (1%) -
Staffing - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 26 $154M 74 $3.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 26 (100%) 154M (100%) 72 (99%) 3.1B (100%)
  Texas 4 (15%) - 9 (12%) 628M (20%)
  Pennsylvania 3 (12%) - 5 (7%) 400M (13%)
  California 1 (4%) - 5 (7%) -
  Florida 2 (8%) - 4 (5%) -
  Georgia 1 (4%) - 4 (5%) -
  Maryland - - 4 (5%) -
  Missouri 2 (8%) 19M (12%) 3 (4%) 19M (1%)
  Arizona 2 (8%) - 3 (4%) -
  New Jersey 1 (4%) - 3 (4%) 1.6B (51%)
  Connecticut 1 (4%) 135M (88%) 3 (4%) 135M (4%)
  Wisconsin 1 (4%) - 3 (4%) -
  New York 1 (4%) - 3 (4%) -
  Virginia - - 3 (4%) -
  Illinois - - 3 (4%) -
  Indiana 1 (4%) - 2 (3%) 360M (11%)
  North Carolina 1 (4%) - 2 (3%) -
  New Hampshire 1 (4%) - 2 (3%) -
  Massachusetts - - 2 (3%) -
  Rhode Island 1 (4%) - 1 (1%) -
  Oklahoma 1 (4%) - 1 (1%) -
  Ohio 1 (4%) - 1 (1%) -
  Kansas 1 (4%) - 1 (1%) -
  Washington - - 1 (1%) -
  Utah - - 1 (1%) -
  Tennessee - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Michigan - - 1 (1%) -
Canada - - 1 (1%) -
  British Columbia - - 1 (1%) -
Total 26 $154M 73 $3.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (27%) - 28 (38%) 1.6B (51%)
Secondary Buyout 9 (35%) 154M (100%) 21 (28%) 1.2B (38%)
Recapitalization 3 (12%) - 9 (12%) -
Growth Capital 3 (12%) - 7 (9%) -
Divestiture 2 (8%) - 4 (5%) 360M (11%)
Consolidation 2 (8%) - 4 (5%) -
Stake Purchase - - 1 (1%) -
Total 26 $154M 74 $3.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 19 (40%) 1.1B (21%)
Trade Sale - Public Company 11 (23%) 3.9B (76%)
Trade Sale 10 (21%) 133M (3%)
Merger 3 (6%) -
Bankruptcy 2 (4%) -
Unknown 2 (4%) -
Total 47 $5.1B

Deal Values

buy # Total
> $1B 1 $1.6B
$100M to $1B 4 $1.5B
< $100M 1 $19M
TOTAL $3.1B
Largest Ikaria, Inc.
$1.6B (2013-12-24)
sell # Total
> $1B 2 $3.4B
$100M to $1B 3 $1.5B
< $100M 3 $268M
TOTAL $5.1B
Largest Ikaria, Inc.
$2.3B (2015-04-16)

M&A Connections

Deals %
Acquired from
PE Firm(s)
90%
28 90%
Strategic(s)
10%
3 10%
Exited to
PE Firm(s)
49%
23 49%
Strategic(s)
51%
24 51%

Investor Summary

Size

Mega

PE Assets

5.0B USD

Established

1998

Specialist/Generalist

Generalist

Leadership

Leonard M. Tannenbaum

Founder, Chairman & Chief Executive Officer

Bernard D. Berman

President

Brian T. Walter

Managing Director

Steven M. Noreika

CFO

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